FMDQ OTC Securities Exchange (FMDQ or the OTC Exchange) commences the year’s activities with the commemoration of the admittance and quotation of the Access Bank PLC N8.45 billion Series 1, N4.22 billion Series 2 and N22.33 billion Series 3 Commercial Paper (CP) Notes under its N100.00 billion CP Programme on the OTC Exchange.
The commemoration, in the form of a prestigious Quotation Ceremony held in honour of the issuer, Access Bank PLC, took place at the FMDQ offices on January 5, 2016. Present at this Ceremony were, Dr. Herbert Wigwe, Managing Director, Access Bank PLC; Mr. Abubakar Jimoh, Managing Director, Coronation Merchant Bank Limited, and Mr. Ayo Fashina, Director, Investment Banking, Chapel Hill Advisory Partners Limited, both representing the co-sponsors of the issues on the platform, and FMDQ Registration Members (under the Quotations category), among others.
Key highlights of the special occasion included a Special Address by Dr. Herbert Wigwe on the issued CP notes and CP Programme; the signing of the FMDQ CP Quotations Register by the issuer, the Registration Members (co-sponsors of the issue) and FMDQ; the presentation of the CP Quotations Certificate to the issuer and the “guest of honour autograph impression” by the issuer. In recognition of the roles played by the co-sponsors of the CPs in the quotations process, presentations were also made to the respective Registration Members.
Whilst welcoming the guests, Ms Tumi Sekoni, Vice President & Divisional Head, Marketing & Business Development of FMDQ congratulated Access Bank PLC on successfully raising ₦35.00 billion from the market at relatively competitive rates. She also lauded the contribution the bank was making to the development of the Nigerian markets, highlighting that the positive impact a quotation of this sort would have on the market was not to be underestimated.
During his address, Dr Wigwe noted that “Access Bank PLC was able to raise N35 billion from the money market, the largest listed commercial paper issuance ever in Nigeria despite the current economic headwinds and prevailing tight liquidity situation in the country. This indicates the high level of investor confidence in the bank. These issues will allow us to create a liquidity buffer as we align our liquidity management to international best practice based on our internal Liquidity Adequacy Assessment Process (ILAAP).This is particularly important, given the prevailing macro environment and its impact on industry liquidity .”
Following the signing of the FMDQ CP Quotations Register and the presentation of the FMDQ CP Quotations Certificate to the issuer, Mr Abubakar Jimoh, remarked that “there is strong investors’ perception towards corporates with strong fundamentals and a good track record like Access Bank PLC. This issue further demonstrates the bank’s commitment to continuously explore innovative financing options and consistently drive value and growth for its stakeholders.”
Also speaking at the Ceremony, Mr Ayo Fashina noted that “this largest ever commercial paper issuance in Nigeria’s fixed income markets, provides further credence to Access Bank PLC’s long-standing reputation as a top-grade issuer. We remain grateful to the domestic institutional investors – especially the Nigerian pension fund administrators – for their overwhelming support, and to the FMDQ Management and team, who have efficiently worked with us to ensure a timely completion and quotation of this CP issuance.”
Mr. Bola Onadele-Koko, Managing Director/CEO of FMDQ commented: “In building a sustainable economy, FMDQ recognises the potential of a fully-functional debt capital market (DCM), and will, therefore, continue to innovate and provide efficient services and infrastructure, as may be necessary, to support issuers and investors, towards achieving an operationally excellent and competitive DCM. From streamlining of its processes to the delivery of unrivalled services to the Nigerian debt capital, an FX and derivatives market, FMDQ is set to continue championing and effectively supporting initiatives in line with its product and market development agenda to further deepen and align the markets with international standards, invariably contributing to the growth of the economy at large.”